Common use of Agreement to Repay Letter of Credit Drawings Clause in Contracts

Agreement to Repay Letter of Credit Drawings. (a) Each Borrower severally agrees to reimburse the respective Issuing Bank directly for any payment or disbursement made by such Issuing Bank under any Letter of Credit issued for the account of such Borrower (each such amount so paid or disbursed until reimbursed, an “Unpaid Drawing”), in each case, no later than one Business Day following the date of such payment or disbursement, with interest on the amount so paid or disbursed by such Issuing Bank, to the extent not reimbursed prior to 3:00 p.m., New York time, on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date such Issuing Bank is reimbursed therefor at a rate per annum which shall be the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans incurred by such Borrower (plus an additional 2% per annum, payable on demand, if not reimbursed by the third Business Day after the date on which the respective Borrower receives notice from the respective Issuing Bank of such payment or disbursement).

Agreement to Repay Letter of Credit Drawings. (a) Each Borrower severally agrees to reimburse (x) each Lender, by making payment to the respective Issuing Bank directly Administrative Agent in immediately available funds, for any payment or disbursement made by such Issuing Bank Lender under any Several Letter of Credit issued for the account of such Borrower (each such amount so paid or disbursed until reimbursed, an a “Several Unpaid Drawing”)) no later than three Business Days following the date of such payment or disbursement and (y) the respective Fronting Lender directly for any payment or disbursement made by such Fronting Lender under any Fronted Letter of Credit (each such amount so paid or disbursed until reimbursed, in each case, a “Fronted Unpaid Drawing”) no later than one Business Day following the date of such payment or disbursement, in each case, with interest on the amount so paid or disbursed by such Issuing BankLender, to the extent not reimbursed prior to 3:00 p.m., 1:00 P.M. (New York time, ) on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date such Issuing Bank Lender is reimbursed therefor at a rate per annum which shall be the Base Rate plus the Applicable Margin, as in effect from time to time plus the Applicable Margin for Base Rate Loans incurred by such Borrower (plus an additional 2% per annum, payable on demand, if not reimbursed by the third Business Day after the date on which the respective Borrower receives notice from the respective Issuing Bank LC Issuer of such payment or disbursement).

Agreement to Repay Letter of Credit Drawings. (a) Each Borrower severally agrees to reimburse the respective Issuing Bank Fronting Lender directly for any payment or disbursement made by such Issuing Bank Fronting Lender under any Fronted Letter of Credit issued for the its account of such Borrower (each such amount so paid or disbursed until reimbursed, an “"Unpaid Drawing”"), in each case, no later than one Business Day following the date of such payment or disbursement, with interest on the amount so paid or disbursed by such Issuing BankLender, to the extent not reimbursed prior to 3:00 p.m., 1:00 p.m. (New York time, ) on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date such Issuing Bank Lender is reimbursed therefor at a rate per annum which shall be equal to the Base sum of (x) the Adjusted LIBO Rate as in effect from time to time time, plus the Applicable Margin for Base Rate Loans incurred by such Borrower (y) 3% (plus an additional 2% per annum, payable on demand, if not reimbursed by the third Business Day after the date on which the respective Borrower receives notice from the respective Issuing Bank LC Issuer of such payment or disbursement).